Core Viewpoint - Beijing Oriental Yuhong Waterproof Technology Co., Ltd. plans to invest 600 million RMB in a new materials industry chain project in Shanglin County, Nanning, Guangxi, focusing on mining, processing, and production of various products [1][2]. Group 1: Project Details - The project will include mining, primary and deep processing of ores, and the production of products such as decorative marble slabs and special mortars [1]. - The construction will be carried out in phases, with the first phase covering approximately 50 acres for high-end limestone products and decorative stone slabs, expected to start within three months after land acquisition [1]. - The second phase will also cover about 50 acres for the production of special mortars and putty powder, with potential future investments in related industries depending on resource and market conditions [1][2]. Group 2: Financial Projections - Once fully operational, the project is expected to generate an average annual output value of approximately 800 million RMB and contribute around 40 million RMB in annual taxes [3]. Group 3: Stock Performance - As of the close of trading on the announcement date, Oriental Yuhong's stock price was 12.39 RMB per share, reflecting a 1.56% increase [4].

根据协议安排，公司控股子公司南宁东方雨虹新材料有限公司(简称"南宁东方雨虹"、)作为项目实施主 体，以自筹资金投资不超过6亿元(含采矿权)在上林县投资建设东方雨虹上林县新材料产业链项目。于 2025年9月24日，南宁东方雨虹参与上林县塘红乡石蓬村弄来庄敢内山饰面用灰岩矿采矿权的竞拍，并 以人民币2.67亿元竞拍成功。 东方雨虹(002271.SZ)公告，公司与广西壮族自治区南宁市上林县人民政府于2025年9月24日签订《项目 投资协议书》，协议约定公司拟投资6亿元在上林县投资建设东方雨虹上林县新材料产业链项目，建设 内容为推进包括但不限于矿山开采、矿石初级、深加工、饰面大理石板材特种砂浆等的产品研发、生产 项目。本项目按照"整体规划、统一租地、分期实施"的方式建设，各期计划在获取土地后(含租赁土 地)，土地具备开工条件之日起3个月内开工建设，开工之日起18个月内有产品投产。 ...

东方雨虹（002271）(002271.SZ)公告，公司与广西壮族自治区南宁市上林县人民政府于2025年9月24日 签订《项目投资协议书》，协议约定公司拟投资6亿元在上林县投资建设东方雨虹上林县新材料产业链 项目，建设内容为推进包括但不限于矿山开采、矿石初级、深加工、饰面大理石板材特种砂浆等的产品 研发、生产项目。本项目按照"整体规划、统一租地、分期实施"的方式建设，各期计划在获取土地后 (含租赁土地)，土地具备开工条件之日起3个月内开工建设，开工之日起18个月内有产品投产。 根据协议安排，公司控股子公司南宁东方雨虹新材料有限公司(简称"南宁东方雨虹"、)作为项目实施主 体，以自筹资金投资不超过6亿元(含采矿权)在上林县投资建设东方雨虹上林县新材料产业链项目。于 2025年9月24日，南宁东方雨虹参与上林县塘红乡石蓬村弄来庄敢内山饰面用灰岩矿采矿权的竞拍，并 以人民币2.67亿元竞拍成功。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q4 is under pressure due to a significant decline in PX market conditions, with Q4 revenue at 81.3 billion yuan, down 5.6% year-on-year and 3.2% quarter-on-quarter, resulting in a net loss of 1.52 billion yuan [5][6] - The company is actively advancing its new materials projects, which are expected to enhance its growth trajectory in the future, particularly in the fields of renewable materials and high-end synthetic materials [7][8] - The company has implemented share buyback plans and has seen significant share purchases by major shareholders, reflecting confidence in its future development [8] Financial Performance - In 2024, the company achieved a revenue of 326.5 billion yuan, a slight increase of 0.4% year-on-year, but the net profit attributable to shareholders decreased by 37% to 724 million yuan [5][10] - The report forecasts a decline in profitability for 2025-2026, with net profits expected to be 2.82 billion yuan and 4.01 billion yuan respectively, reflecting a downward adjustment of 28% and 34% [8][10] Market Conditions - The Brent crude oil average price in Q4 was 74 USD/barrel, down 11% year-on-year, impacting the company's margins negatively [6] - The report highlights that while refining and polyester yarn price differentials have expanded, the significant drop in PX price differentials has led to a decline in overall performance [6] New Materials Development - The company is focusing on expanding its new materials product line, including EVA, POE, DMC, PC, and ABS, with several projects already in production [7] - The successful trial production of various new materials indicates a strategic shift towards sustainable and high-value products [7] Shareholder Confidence - The company has executed three phases of share repurchase plans, totaling 5.53 billion shares, which is 5.46% of total shares, amounting to 6.99 billion yuan [8] - The consistent cash dividend policy over the past 15 years, with a payout ratio of 64.93% in the last three years, demonstrates a commitment to shareholder returns [8]